<p>I was just wondering… I was reading that often there are people who pursue a career while maintaining a successful franchise. Often the people who choose to do this are entrepeneurs who want to start with a small business and finish when they have generated enough capital. My question is: is it possible to run a franchise while pursuing a challenging career in medicine or law? I have heard that many people choose to run a franchise like McDonald’s as an investment opportunity. They do usually do quite well! Offer any suggestions. Thanks!</p>
<p>License fees are extremely high, you will need a spectacular business background for the bank to even consider giving you a loan. The key to making franchise fees bearable is owning multiple locations; a balancing effect which will lower your franchise fees and allow you to turn a profit due to cost averaging and profit sharing. Unless you can cover the cost of the initial location, then open a few more, there is no way in hell you’re going to come out on top.</p>
<p>what books have you been reading!?!!?!? most franchises fail. starting a fast food franchise is NOT recommended, ESPECIALLY with places like subway and macdonalds. GO READ FAST FOOD NATION.</p>
<p>Fast Food Nation is a pretty dumb thing to read since its slanted against fast food companies.</p>
<p>I know someone who owns GNCs that have become so profitable they’ve quit a job at a major tech company to expand more with them.</p>
<p>I know someone who owns the cellphone kiosks in malls that they’ve expanded to multiple states, they were named the top small business owner of my city.</p>
<p>So franchises don’t necessarily fail. It’s a matter of picking the right franchise. For example, new franchises are probably not a great idea unless you really think it will be the next big thing. An example is I know someone who opened up a murphy’s deli, the problem is that too many of these opened up all over and there really wasn’t enough promotion so these a lot of these failed. But if you can time things right and find out what’s going to be the next hot thing and figure out a good location then you’ll be set.</p>
<p>You have to keep in mind that franchises are like any other business and they require time and effort, it’s pretty hard to just have them on the side and make good profits.</p>
<p>I have read fast food nation. But those people who do own McDonald’s franchises in the right locations do make a good sum of money… chipotle too (whether u believe me or not is irrelevant)</p>
<p>if you own a mcdonalds though i believe you’re forced to physically work there</p>
<p>Dcfca is right. My father owns a restaurant that is a franchise. He had to put a lot of consideration into choosing the right one, perfect location, etc.</p>
<p>A franchise must be treated just like any other business. It can be more difficult, even, as most corporations require individuals who want to open a franchise to have a certain net worth (100,000+) and pay huge monthly or annual fees. However, they provide the training and marketing.</p>
<p>In my opinion, owning franchises is an EXCELLENT way to create personal wealth, as long as you KNOW WHAT YOU’RE DOING… get a good CFA/CPA. 
And don’t rush into anything.</p>
<p>Sorry, I didn’t answer the OP’s question.</p>
<p>I’m sure it’s possible to pursue both a career in medicine or law or whatever you want to do and at the same time manage a franchise. However it usually takes a while to be able to purchase and run a franchise and you have to work hard for the first several years to make sure it’s successful… It can be a lot to handle. You might want to consider doing what you love most first (be it becoming an attorney, etc.) and then use the franchise option as a way of accumulating capital.</p>